W D Gann has long been recognized as an astute market trader, and followers
of Gann have been trying to figure out his genius. The best way to describe
how he made so many successful market calls is, in a word, astrology. Having
died in 1955, we did not know him, but we were fortunate enough to have met
and befriended his assistant, Robert Courter. He, too, has since died, but
he confirmed what many who study Gann know, that William Delbert Gann was an
extraordinary astrologer, exceptional.

The Square of Nine, the Circle of 360, his Hexagon, and Master Charts were
all based on astrology. He did not openly admit that in his newsletters and
writings, but he often mentioned "wheels within wheels," which was how the
planets revolved around the Sun. Most people believe astrology to be akin to
reading tea leaves or using a Ouija board, and he did not want to be put into
that category.

We will not get into astrology and the markets, but we have observed direct
correlations between planetary movements and price action in stocks and futures.
Not being astrologically adept, we leave it to others but acknowledge its validity.
The point in mentioning Gann and astrology is next week's big astrological
event, a Cardinal Grand Cross.

Between April 20th through April 23rd, there are four days of supreme astrological
intensity. They are bookended by the Full Lunar Eclipse, just passed on the
15th, and an Annular Solar Eclipse on the 29th. [Anyone can do an internet
search to understand some of the terms below, like we just did to find out
what a Blood Moon is.]

Essentially, on 23 April, Pluto will be 180 degrees, [opposite] from Jupiter,
and Mars will be 180 degrees from Uranus. All will be in the 13th degree of
their respective Sun signs, forming a cross shape, thus the Cardinal Grand
Cross. As the term implies,
"opposition," usually entails a major polarizing effect.

What can happen? The Ukrainian situation igniting that leads to war would
be one example. Anyone interested can look up more. We just wanted to mention
it because it could have an impact on world events, and to let people that
from an astrological view, it was known ahead of time. [Not a specific event,
but the basis for one.]

Gann was mentioned to tie in a highly respected market guru with market astrology.
Plus. we have witnessed market moves that were known to be timed to planetary
aspects, in advance, and as recently as last week.

You would think that how the fundamentals have been so misleading to so many
in the PMs community, that more would pay attention to what the market says
and less to what others have to say about the markets. It is like building
a better mousetrap and expecting people to come flocking to buy it, which they
do not. Why not? Creatures of habit may be the simplest answer.

We see charts as the "improved mousetrap," as it were, and superior as a tool
for market timing over fundamentals, or any other similar undertaking, for
relating to what and when to buy in the markets. Still, there are not that
many converts who pay more attention to what the market is saying. The one
thing we know for sure is, regardless of whatever one has in the form of expectations,
they are always subordinate to the final arbiter over price, and that is the
market itself.

We make such a distinction on the daily silver chart, at the end. For now,
here is our ongoing read of developing market activity for gold and silver:

For months, we have been saying that the gold charts are not indicating a
wild or even a sustained move higher. To the contrary, despite all the positive
fundamentals for demand, on so many levels, price is marching to a different
tune, far removed from all the known and highly constructive news about gold.

If you were to base your decision-making on news alone, one is not making
any money from buying gold. Does that mean one should refrain from buying it?
The best answer comes from knowing your objectives.

If you want security from the out-of-control fiat spending of all Western
governments, then yes, this continues to be the time to buy gold, [and silver].
In addition to the insane and unprecedented creation of "money out of thin
air," world-wide events are turning darker and darker. Gold and silver remain
one of the best means for attaining financial peace of mind, and one of the
best forms of wealth preservation. In this regard, price is of no consequence.
Ownership is. Stay the course.

There is ample evidence that your own government sees any money you hold in
banks as theirs for the taking, [Cyprus, Greece, Ireland]. Rules, laws, statutes
are already in place to have your funds confiscated, if you [wrongly] believe
that it cannot happen to you. Both in the US and UK, at a minimum, there have
been several published stories about people's safety deposit boxes raided for
their gold and silver contents.

If you do not want to be subjected to what is going on, and will surely only
get worse and more widespread, than yes, buying gold and silver makes sense, not
to make money, as an incorrect measure in the short-term, but to be safe
and secure in protecting what you already have from being confiscated, in some
manner. Obviously, owning and holding PMs means you do not keep it in
some bank or [not so] safe deposit box.

If you want to be profiting from owning gold, [and silver], then no,
now is not the time to be committing to the long side, in general. That is
more of a function of trading, and futures and options are the typical choices.
We do not trade options, so they are never a topic of the charts we discuss.

The best we can say about gold is that it may be transitioning from its protracted
down trend. The signs that gold remains under pressure are still there, bearish
spacing, lower swing highs, etc, and that means any buying has to be very select,
or not at all, again, profit being the only objective.

The chart comments are apt, and we will add that in addition to the high volume
from four weeks ago, the very small range bar, at the low, supports the prospects
that the bottoming process continues with increasing positive signs. That can
change next week, if the market were to make lower lows, but unless and until
that kind of event happens, we can only draw conclusions from facts that
are known, and not from what may or may not happen.

For whatever reason that it happened, last week's wide range bar down on sharply
higher volume may contain price activity for the next several TDs, [Trading
Days]. Look at the wide range bar lower, at the beginning of April, in the
weekly chart above. It captured price within its range for the next 7 trading
weeks. Then, at the end of April, same chart, there were two large bars down,
and with the exception of a brief rally above the first of those two bars,
price has been trading with their range for the past year!

Because price closed well off the low of last Tuesday's sell-off, the sharply
higher volume, and price at important support, tells us buyers are defending
the 1280 +/- area as support.

Silver keeps trying. It is like the Little Engine That Could: "I think I can,
I think I can..."
One day, now sooner than later, it will move higher and get over the hill.
As you view the daily chart, you can see price moving farther and farther along
the RHS, [Right Hand Side] of the ongoing TR, [Trading Range]. The farther
along price moves on the RHS, the closer it gets to reaching a final resolve,
or a breaking free of the TR. That it is occurring at such a low-level, and
at important support, an upside breakout is more likely. However, it is still
possible for one more move lower to totally wash out weak hands and trigger
sell stops, at the same time.

Combined with comments on the weekly TR, you can see that silver just had
a break to the downside of its recent little TR. We see it as a positive development
because of how it happened: wide range, highest contract volume, close
off the low, and no downside follow-through for next two TDs.

Forget about your own expectations for higher prices, at least in the sense
of wanting higher prices as soon as possible. It is the market that
determines where price trades and for how long. Higher prices are coming!
This is where all the developing fundamentals are put into a context, but the
timing for when price will justify the fundamental expectations is determined
by market activity. That activity, as just described, and as we have been saying
for over a year, is saying, quite clearly, neither silver nor gold are showing
evidence of an imminent move higher.

Adjust your expectations to what the market is saying, and you will lower
your anxiety level for disappointment and align yourself for what is. The definitions
of is is that which is going on, right now, and not what is in your own mind,
re gold and silver.

Michael Noonan is a Chicago-based trader with over 30 years in the business.
His sole approach to analysis is derived from developing market pattern behavior,
found in the form of Price, Volume, and Time, and it is generated from the
best source possible, the market itself.